CBRE has secured $109.5 million in permanent financing for 425 Summit, a newly
stabilized luxury multifamily tower in Journal Square, retiring the building’s construction
loan following a rapid leaseup.
The financing was arranged on behalf of a joint venture between Spitzer Enterprises
and Arden Group. Northwestern Mutual provided the loan.
CBRE’s Debt & Structured Finance team — Matthew Pizzolato, Jason Gaccione, Jake
Salkovitz, Shawn Rosenthal, Josh Stein and Carlos Silva — represented the borrowers.
“425 Summit represented a compelling opportunity to finance a recently stabilized,
institutional quality multi-family asset in one of the region’s most dynamic residential
markets,” Pizzolato said. “Because of the property’s exceptional transit connectivity,
quality construction, strong operating performance and experienced sponsorship, there
was no shortage of interest from the lending community.”
Completed in 2024, the 27story building is 98% leased and reflects the continued
momentum of Journal Square’s residential market. The tower includes 390 luxury
apartments — studios, one-bedrooms, two-bedrooms and three-bedrooms — along with
structured parking, resident storage and ground floor retail.
The property’s transit-oriented location, steps from PATH service, has helped drive
demand and contributed to its quick stabilization.
